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5 Important things you should know before hiring an accountant

20th Feb 2019
Brought to you by
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Outbooks outsources accounting and bookkeeping. 

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5 Important things you should know before hiring an accountant
5 Important things you should know before hiring an accountant

Companies need accountants to ensure a skilled person takes care of the accounting and bookkeeping services all the time but hiring the suitable one to fulfill business requirements is a complicated task. When the business begins to expand, it will have to hire a set of accountants dedicated to handling the accounting requirements of the company. Outsourcing accounting for small businesses is a nerve-racking decision as the company will need to share sensitive financial information with outside professionals.  By delegating these responsibilities of accounting, bookkeeping services and tax returns outsourcing, businesses can eliminate unnecessary workloads and concentrate on more pressing business matters. It can benefit from hiring skilled and professionals as they will take care of complex jobs from filing tax returns to advising the business on various decisions. 

Here are 5 important facts companies need to take cognizance of before taking the plunge: 

Value for money: Accountants can help accountants complete many numerous challenging tasks such as bookkeeping and tax auditing, if they have the right accreditation. They can advise the business in crafting a new business plan and help them predict financial projections to secure business loans without any difficulty. All of these tasks can be navigated smoothly at reasonable as outsourcing costs are significantly low when compared to hiring in-house staff. It is a long-term investment the company has to make, which is why it is essential for it to hire someone with whom they can establish a solid working relationship. 

Hire a CPA:  A certified public accountant is an accounting professional who has a college degree, has passed a specific accounting exam and possesses a state license. CPA’s are authorized to take on more complex responsibilities such as representing taxpaying individuals in IRS audits. Companies which feel more comfortable having their accountants handled by certified professionals or require the special services they offer, they can opt for a CPA. Businesses on a budget or have basic accounting requirements can go for accountants who are not CPAs and cost less. 

Check references: Companies should find or check at least accountants or accounting firms before selecting the best among them. It is safe and advisable to get knowledge of client references from potential accountants to understand their previous performance.  They should ask the right question about the firms like their areas of specialization, years of experience in the industry, location and pricing specifications. They can go ahead with their decision after considering these factors. 

Fixing rates: Business enterprises must be clear from the beginning about the rates to be charged and intimate the hired accountants. The rates agreed on should be fair and reasonable. Estimates for monthly expenditure and accumulated savings should be decided at the onset of the agreement. This makes it easier to develop a financial rapport and build a streamlined and systematic network flow. 

Understand Business environment: The financial health of the business an entrusting accounting responsibilities to an external source are two sides of the same coin. The business should be aware of its requirements and limitations before making this crucial decision. It is important to understand the working environment, analyse the problems to be addressed and seek out the best people for the job. 

Planned and structured decisions go a long way for any company. If the manpower of a company is experienced and talented, then it can surely flourish. 

 

Website: outbooks.co.uk 

 

 

 

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